Blender Bites Announces Debt Settlement and Warrant Repricing
19 Agosto 2024 - 3:45PM
Blender Bites Limited (the “
Company”,
“
Blender Bites” or “
Blender”),
(CSE:
BITE, FWB:
JL4, WKN:
A3DMEJ), announces it has entered into debt
settlement agreements (the “
Agreements”) with
certain creditors of the Company. Pursuant to the Agreements, the
Company has agreed to issue an aggregate amount of 550,456 common
shares (“
Common Shares”) in the capital of the
Company at a deemed price of $0.81 per Common Share to settle an
aggregate amount of $445,869.75 of outstanding debt (the
“
Shares for Debt Transaction”). All securities
issued pursuant to the Shares for Debt Transaction will be subject
to a hold period of four months and one day from the date of
issuance, in accordance with applicable securities legislation.
Pursuant to the policies of the Canadian Securities Exchange, the
Shares for Debt Transaction will close (5) five business days from
the date of this press release.
In addition to the above, the Company intends to
amend the terms of an aggregate 504,144 outstanding share purchase
warrants (the “Warrants”). The Warrants were
originally issued as follows:
Date Issued |
Issue Price |
Exercise Price |
Number of Warrants |
Expiry Date |
Rationale for Issuance |
June 22, 2023 |
$3.50 |
$4.55 |
221,536 |
June 22, 2026 |
Brokered LIFE Financing |
October 31, 2023 |
$2.30 |
$3.20 |
282,608 |
October 31, 2025 |
Non-brokered LIFE Financing |
Subject to the consent of the holders of the
Warrants, the Company will reduce the exercise price of the
Warrants to $0.91 per Share. In accordance with the policies of the
Canadian Securities Exchange (“CSE”), the expiration of the
Warrants will be accelerated to thirty days if, for any ten
consecutive trading days, the closing price of the common shares of
the Company on the CSE is $1.14 or greater (the “Acceleration
Trigger”), with such thirty-day period starting seven days after
the Acceleration Trigger. All other terms of the Warrants will
remain unchanged.
ABOUT BLENDER BITES
Blender Bites is a multi-award-winning Canadian
company involved in the development and marketing of a line of
premium frozen beverage products with a focus on functionality.
Blender Bites was founded in 2017 and quickly became a leader in
the “easy smoothie” category in North America. With a focus on
better-for-you ingredients and convenience, the Company is proud to
be pre-portioned without the use of any inner plastic packaging.
Blender Bites products are certified organic, non-GMO, gluten free,
dairy free and soy free and contain functional ingredients such as
whole food vitamins, collagen, and probiotics. Blender Bites 1-Step
Smoothies and 1-Step Frappes are distributed across Canada and the
US, and are currently sold in over 5000 stores, including Walmart,
Albertsons, HEB, Whole Foods and Publix.
On behalf of the Board of Directors,
Blender Bites Limited
Chelsie Hodge, Chief Executive OfficerEmail –
chelsie@blenderbites.comTelephone – 236-521-0626
For further information, contact Blender
IR Team at:
Email – investors@blenderbites.comTelephone –
1-888-997-2055Media Contact – teamblenderbites@jonesworks.com
CAUTIONARY DISCLAIMER
STATEMENT
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation, including with respect to the intended use of proceeds
from the Offering. Forward-looking statements are necessarily based
upon several estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward looking statements. Such factors include, but are not
limited to general business, economic, competitive, political, and
social uncertainties, and uncertain capital markets. Readers are
cautioned that actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.